Permanent Capital Platform

Every dollar.
Working.
Every day.

Institutional-grade treasury infrastructure for private equity and real estate sponsors at every stage — from your first deal to your fifth fund.

$600B+
Estimated idle capital across mid-market PE at any given moment
6%
Annual real erosion on idle pool — inflation plus opportunity cost
3.93%
Blended net yield on the HMG platform (Feb 2026 rates)
$15M
Annual bleed on a $1B fund program at current rates
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You've mastered the
hard problem.

Deploying capital into productive assets. Acquiring companies. Engineering returns over 5–10 year holding periods. What you haven't solved is the easy one: what happens to capital when it's not deployed.

Between commitment and call. Between exit and redistribution. Between Fund III and Fund IV. That capital isn't sitting still — it's bleeding.

01
Committed — Months 0–12 LP commits $500M. 6–12 months before first call. Zero visibility. Zero yield.
▶ Dead zone
02
Called — Quarters 1–20 ~5% called per quarter. Deployment factor rarely exceeds 60% over fund life.
▶ Partial dead zone
03
Exited — Post-exit Cash returns to operating account. Sits for weeks/months while GP decides next step.
▶ Dead zone
04
Distributed — Inter-fund Capital between funds. No system to capture yield. No reinvestment pathway.
▶ Dead zone
~40%
of committed capital is idle on average at any given point in the fund lifecycle. CFA Institute.
4–6%
annual real erosion on the idle pool — inflation plus opportunity cost of capital earning 0.15% in a custodian sweep.
$3.78M
annual gap on a $500M fund between what the bank pays you (0.15%) and what the bank earns on your capital (4%+).
0.15%
What a custodian sweep pays you. The bank keeps 300–400bps spread. Your LPs subsidize bank P&L.

The platform serves sponsors
across the entire lifecycle.

Whether you're managing a $2 billion fund platform or raising capital for your first single-asset deal, there is a version of the same problem in your world. HMG closes both gaps.

Stage One
First Deal /
Single-Asset SPV
$1M–$25M vehicle
No infrastructure. Investors see a bank account and a subscription agreement. You look like a solo operator, not a firm. Every competitor who has raised a second deal looks more institutional than you do right now.
Charles Schwab investor portal. Real-time capital visibility. Yield on committed capital from day one. You look like a fund without the cost of being one.
→ Setup in 3–4 weeks. No structural changes needed.
Stage Two
Emerging Manager
Fund I or II
$25M–$250M fund
Competing against established shops for LP allocations. No operational differentiator. Every dollar of overhead scrutinized. 79% of LPs declined to re-up with at least one manager last year.
Institutional-grade treasury at a fraction of in-house cost. DPI improvement without closing another deal. ODD profile that punches above your weight class.
→ Provisions integrated at LPA formation. 4–8 weeks.
Stage Three
Established Sponsor
Multi-Fund Platform
$250M–$2B+ platform
$3–$8M annual deposit spread leaking to custodian banks. LPs comparison-shopping against mega-managers who have dedicated treasury operations. DPI pressure every vintage.
Full white-label platform. Yield on idle capital across all funds and vintages. LP reinvestment pathway. Fundraise differentiator in every LP meeting.
→ GP operational authority. No LPA amendment. 6–8 weeks.

The treasury sophistication
of a Blackstone.

Without hiring a single additional person. Without a fund amendment. Without changing anything about how you manage investments.

HMG is the capital infrastructure layer that sits between your fund and your bank — turning every idle dollar into working capital, branded as you.

Sponsor-Branded Portal Your name, your brand, your LP experience. Charles Schwab linked platform. Full white-label, zero visible third party.
Institutional Portfolio Treasuries, agency paper, money markets. Principal-protected, same-day to T+1 liquid. Three tiers matched to your deployment timeline.
FDIC Optimization IntraFi network — $250K FDIC coverage across 3,000+ banks. Institutional deposit management, not a jar.
Same-Day Capital Access Call capital instantly for deployments. No lock-up on the liquid sleeve. Your pipeline never waits on treasury.
LP Reinvestment Pathway Seamless distribution-to-next-vehicle. Quarterly redemption windows. Turn every exit into a fundraise advantage.
SEC-Registered RIA Oversight Fiduciary standard. Institutional compliance. The ODD profile that punches above your weight class.
The Permanent Capital Flywheel
Capital Committed
Earns yield immediately. No waiting for deployment to generate return.
Capital Called
Same-day access for deployments. Zero disruption to investment operations.
Capital Deployed
Working in portfolio company. Remaining idle balance continues earning.
Capital Returned
Back to yield automatically. No dead zone between exit and next event.
Capital Reinvested
Into next vehicle or redeemed. The fundraise advantage is built into the distribution.
◀ No dead zones. Every dollar productive every day. ▶
This is not alpha. This is arithmetic.

Risk-free income on capital LPs already committed. Based on 1Y Treasury yield of 4.5%. The yield improvement is not a bet — it's the difference between a system and the absence of one.

The math at
every scale.

At every scale from $10M to $1B, the yield improvement is multiples of the fee. The fees are the cost of the infrastructure. The yield improvement is the return on it.

"In a market where 79% of LPs declined at least one re-up, walking into your LP meeting and saying 'every dollar of idle capital is generating yield from day one' is worth more than your last deal's carry."

Liquidity Window Instruments Yield Allocation
Today (same-day) Gov't money market, FDIC sweep via IntraFi 3.70% 35%
1–6 months T-bill ladder (1–3 month), agency discount notes 3.80% 35%
3–12+ months Ultrashort bond ETFs, short investment-grade corporates 4.35% 30%
Blended Portfolio All principal-protected or investment-grade, T+0 to T+1 liquid ~3.93% 100%

Yields as of February 2026 (Fed funds 3.50–3.75%). Every instrument is principal-protected or investment-grade with same-day to T+1 liquidity.

Example: $500M Fund III
Idle capital on platform ~$100M
Gross yield at ~3.93% $3.93M/yr
Asset management fee (50bps) –$500K/yr
Net yield to fund ~$3.43M/yr
Throughput fee (10bps, one-time) $500K once
vs. custodian sweep $150K/yr
Net annual advantage +$3.28M
Example: $10M SPV
Idle capital on platform ~$2M
Gross yield at ~3.93% $78.6K/yr
Asset management fee (50bps) –$10K/yr
Net yield to SPV ~$68.6K/yr
Throughput fee (10bps, one-time) $10K once
vs. custodian sweep $3K/yr
Net annual advantage +$55.6K + portal
Vehicle Idle Capital Sweep Yield Gross Yield HMG Fees Net Yield Net Gain
$10M SPV$2M$3K$79K–$20K$59K/yr+$56K
$25M Fund I$5M$7.5K$197K–$28K$169K/yr+$161K
$100M Fund II$20M$30K$786K–$110K$676K/yr+$646K
$250M Fund III$50M$75K$1.97M–$275K$1.69M/yr+$1.62M
$500M Fund IV$100M$150K$3.93M–$550K$3.38M/yr+$3.23M
$1B Platform$200M$300K$7.86M–$1.1M$6.76M/yr+$6.46M

Idle capital assumed at 20% of vehicle size. HMG fees include 50bps annual asset management + 10bps throughput fee (annualized over 3 years). Simple annual income, no compounding.

Three signals the
transformation has begun.

The industry is converging on a single thesis: every dollar should work all the time. The mid-market hasn't caught up. That's the window.

$3.5T
The Alliance
Blackstone + Wellington + Vanguard announced April 2025. Integrated solutions across public and private markets. Interval fund filed for quarterly redemptions. The mega-managers are building the infrastructure. Everyone below them is falling behind.
April 2025 announcement
$4.1T
Semi-Liquid Explosion
$200B (2020) → $700B (2024) → $4.1T projected by 2030. KKR K-Series grew from $3B to $14B in one year. These structures require institutional treasury by design. The infrastructure gap is becoming a structural disadvantage.
Industry data 2024
88%
LP Consolidation
79% of LPs declined to re-up with at least one manager last year. 88% expect to do it again. Distribution yield at an 11% decade low. LPs are benchmarking you against Blackstone. The question is whether you close that gap before they move on.
LP survey data 2025
Blackstone
$11.1B in cash & liquid investments
Dedicated Global Treasury, SMD on 4 internal committees. Institutional-grade portfolios of credit, governments, managed duration. Treasury is not a cost center — it's infrastructure.
KKR
Global Atlantic as structural advantage
Insurance arm provides permanent capital as a structural treasury advantage. Capital-heavy balance sheet model turns every dollar into working capital from the moment it's committed.
Apollo
Treasury as a profit center
Proprietary lending platforms manufacture the investment-grade instruments that go into their treasury portfolio. They don't treat treasury as an afterthought. It's a business unit.

Proven economics.
Proven model.

The HMG platform is built on the same model economics that power the largest institutional cash management businesses in the world.

IntraFi Network
The FDIC optimization infrastructure behind the HMG platform. Distributes deposits across 3,000+ banks. The institutional standard for deposit management.
→ $525M revenue
→ $415M profit (80% margins)
→ Owned by Warburg Pincus & Blackstone
Flourish Cash (MassMutual)
Similar platform economics model serving registered investment advisors. Demonstrates the scalability of the institutional cash management model at the RIA level.
→ $3.5B managed
→ 1,000+ RIA firms
→ MassMutual-backed
Treasure Financial
Corporate treasury management using the same underlying model — institutional instruments, active management, principal protection. Validates the fee structure and yield delivery at scale.
→ Active treasury management
→ Same instrument universe
→ Net interest margin model

Two fees.
Both transparent.

Both designed to align HMG's economics with the value the platform delivers. Net positive from day one.

10 bps
Capital Throughput Fee — One-Time
Charged once on every dollar that flows through the platform — committed capital, distributions, return of capital, return on capital. Each dollar is assessed once at the point of entry or receipt. Not recurring. Not an annual drag.
→ $500M fund: $500K one-time
→ $10M SPV: $10K one-time
50 bps
Asset Management Fee — Annual
Charged annually on all capital actively invested on the platform. Covers portfolio management, FDIC optimization, reporting, portal infrastructure, and SEC-registered RIA oversight. Assessed on average invested balance, billed quarterly.
→ Consistent with institutional cash management
→ Fiduciary standard at every dollar

After both fees, the platform delivers a net yield of approximately 3.33–3.43% on invested capital — compared to 0.15% on a custodian sweep. The net annual advantage for a $500M fund is approximately $3.2–$3.3 million. The fees are the cost of the infrastructure. The yield improvement is multiples of that cost.

See exactly what your vehicle
is leaving on the table.

Whether it's a $10M SPV or a $500M fund, we'll build a custom analysis using your actual structure, deployment timeline, and capital flows. Takes 30 minutes.

Dan  |  Managing Director  |  Hilltop Management Group
Single-Asset / SPV
Platform wraps around your SPV with portal and capital management. No structural changes needed. 3–4 week setup.
Raising a Fund
Capital management provisions integrated into LPA at drafting. 4–8 weeks of parallel work with your counsel. Part of the fund from day one.
Fund in the Ground
Structured under GP's existing operational authority over fund cash management. No LPA amendment required. 6–8 week setup.